Adani Energy Solutions increases by 5% after adding a subsidiary

Adani Energy Solutions increases by 5% after adding a subsidiary

Adani Energy Solutions increases by 5% after adding a subsidiary

On January 25, 2024, AESSTL was formed in India and registered in Ahmedabad with the Registrar of Companies, Gujarat. Equity shares were purchased by Adani Energy Solutions at a face value of Rs 10.

AESTL is incorporated by Adani Energy Solutions with a Rs 1 lakh approved and paid-up share capital.

On January 29, when the business created Adani Energy Solutions Step-Twelve Limited (AESSTL), a fully owned subsidiary, shares of Adani Energy Solutions shot up more than 5%.

According to Adani Energy Solutions, the firm was established to provide infrastructure services associated with the transmission, distribution, and supply of power.

Adani Energy Solutions said in a regulatory filing on January 27 that it had formed AESSTL with a Rs 1 lakh authorized and paid-up share capital. Since the subsidiary firm has not yet begun operations, it has no turnover.

On January 25, 2024, AESSTL was formed in India and registered with the Ahmedabad Registrar of Companies. Equity shares were purchased by Adani Energy Solutions at a face value of Rs 10.

On the National Stock Exchange (NSE), shares of Adani Energy Solutions were trading 5% higher at Rs 1,116.55 at 9:54 a.m. With a rise of around 24% over the last year, the stock has outperformed the benchmark Nifty 50, which has increased by just over 21%.

Concurrently, when shares of AdaniConnex (ACX), a 50:50 joint venture of Adani Group and Adani Power, increased by more than 3 percent, Adani Enterprises and Adani Power inked an agreement with Adani Power on January 29 to acquire a 100% equity investment in the two fully owned firms. subsidiaries inside the business.

Adani Power has agreed to sell Innovent Buildwell (IBPL) to AdaniConx for Rs 350 crore and Avisida Infra Park Limited (AIPL) for Rs 190 crore. It is anticipated that both deals will be completed by March 31, 2024. Adani Power said that as a consequence, AIPL and IBPL would no longer be fully owned subsidiaries when the deal is completed.